10/24/2012 08:47 EDT | Updated 12/24/2012 05:12 EST

Iconix buying Nike's Umbro brand, known for its soccer jerseys, for $225 million

NEW YORK, N.Y. - Nike has found a buyer for its Umbro brand, known for its soccer jerseys, in Iconix Brand Group Inc. The clothing licensing company is purchasing Umbro for $225 million in cash.

Nike Inc., which is based in Beaverton, Ore., had announced in May that it planned to sell the Umbro and Cole Haan brands and concentrate instead on its Jordan, Converse, Hurley and Nike brands.

Iconix will be adding Umbro to its 29 consumer brands, which include Candie's, Danskin and Badgley Mischka. It's the New York company's second purchase from Nike. It bought the athletic clothing brand Starter in 2007.

Founded in 1924, Umbro carries soccer jerseys as well as shoes, jackets and other clothing. The brand has licensees in more than 100 countries, and has a "devout following," said Iconix CEO Neil Cole.

The acquisition is expected to close by year's end.